• News
  • Business

Bitcoin Dips Below $5,000 For The First Time In 13 Months

Bitcoin Dips Below $5,000 For The First Time In 13 Months

However, this stability and so-called maturity of the market didn't really last long.

As well as a general decline in investor confidence in the value of cryptocurrencies, some traders have also blamed the recent drop on fears that a "hard fork" in bitcoin cash, where the smaller coin that split into two separate currencies, could destabilize others. The free fall in crypto prices is pretty steep at the moment. BTC/USD is down more than USD 1,000 and it is now (UTC 08:30 AM) trading below the USD 4,500 level. The support breaks have been quite rapid, with multiple supports breaking one after the other. Currently, the Bitcoin valuation stands at $81.2 billion.

Cryptocurrencies have been in a bear market since January 2018 and have not initiated a proper mid-term recovery since then.

That is how Bitcoin is now -71% down in its price since reaching an all-time high of over 20,000$. Bitcoin Cash started the 24-hour trading period at a price of $376 and is now trading in at $213.

At press time, BTC had fallen over 12% in the past 24-hour trading cycle. Ethereum is continuously making new one-year-lows since the last week. The difference in market cap between ETH and XRP is now over $4 billion.

Jeremy Gardner, a cryptocurrency entrepreneur and a self-made millionaire through his early investments in bitcoin, has faith in the crypto technology. Since Monday, Nov. 19, XRP has lost less than 5%.

Ethereum one-hour price chart | Source Trading View
Ethereum one-hour price chart | Source Trading View

At the time of writing, bitcoin cash was trading at $209 with a $3.8 billion market cap down from $630 billion at the beginning of November.

The leading cryptocurrency by market capitalization fell to $4,200 soon before press time - a price low not seen since October 5, 2017 - and was last seen trading at $4,484, according to CoinDesk's Bitcoin Price Index (BPI). With the 40 percent fall in just 24 hours, there are all chances that BCH is heading away from the top-five position, making matters worse for an altcoin that has lost over 50 percent of its value in less than a week. Past year the suspension of hard fork planned by major developers and investors proved a major catalyst to its breakneck rise. The criminal case on the subject matter was opened a month ago, however, an increased scrutiny from the authorities might have added pressure to the collapsing market. Airfox and Paragon Coin Inc. will each have to pay $250,000 in penalties to compensate investors, and will also have to register their digital tokens as securities.

"The selloff is related to enforcement, which is nearly certainly underway". The 100 EMA line shows that the token is exhibiting an uptrend. Bram Cohen, a co-founder of the proposed digital currency Chia, shares his view with Bloomberg.

Neil Wilson, the chief market analyst at Markets.com said: "The crypto bloodbath continues". Though the market conditions are not the same if we compare the last parabolic move for Bitcoin in 2013 to today's market we still have some time to go before the trend reverses. Markets have plunged more than 30% in seven days as a huge sell-off drops the prices of many digital currencies back to levels unseen for well over a year.

"Though the two are not the flawless comparison I do think it's important to note and keep in mind".

Bitcoin has been in a slump for months, trading sideways for most of the time, with the rare bull run attempts being quickly killed off.

1 dead, dozens injured in French fuel taxes protests
Of the 409 injured, 28 are members of the police and fire brigade, said Christophe Castaner, the interior minister. By early evening, 73 people had been taken into custody, and some demonstrators were still in place at nightfall.

Leave Your Comment

Leave Your Comment


Latest News

  • May appoints new Brexit secretary

    May appoints new Brexit secretary

    The drive began with a LBC phone-in in which she insisted she was "bringing back what I believe to be the best deal for Britain". But winning a leadership vote could strengthen her position, because the rules say she can't be challenged again for a year.
    I answered Mueller questions ‘very easily’

    I answered Mueller questions ‘very easily’

    In recent weeks speculation has grown that Trump's son Donald Trump Jr . and campaign consultant Roger Stone could face charges. He said some were "unnecessary", some were "possible traps" and that "we might consider some as irrelevant".
    The Johnny Bobbitt story was a scam from the start

    The Johnny Bobbitt story was a scam from the start

    The couple turned themselves in to authorities Wednesday, while Bobbitt was arrested in Philadelphia . In a statement, a spokesman for the crowdfunding site confirmed donors will receive a refund.
  • Jordan Clarkson Pays Tribute to LeBron James for Passing Wilt Chamberlain

    Jordan Clarkson Pays Tribute to LeBron James for Passing Wilt Chamberlain

    Despite squandering a 15-point lead in the third quarter, Memphis used a 15-2 run in the fourth to post a 116-113 victory. The veteran guard will be out at least a few weeks with the injury.
    Anderson defeats Nishikori in ATP Finals humiliation

    Anderson defeats Nishikori in ATP Finals humiliation

    Anderson, the Wimbledon finalist, swiftly completed his 47th win of the season, topping his career-high from 2015. Federer broke the Austrian in the third game of the opening set and the first game of the second set.
    John Lewis Christmas Advert 2018 Starring Elton John

    John Lewis Christmas Advert 2018 Starring Elton John

    So will the retailer be selling pianos this Christmas? But look a little deeper, and this year's story is all about music lessons. Last year's John Lewis Christmas ad focused on the tale of Moz the Monster who lived under the bed of seven-year-old boy Joe.
  • Macron warns rising risk of nationalism to world peace

    Macron warns rising risk of nationalism to world peace

    Trump later said he would instead sit down with him formally later this month at a world leaders' summit in Buenos Aires. French President Emmanuel Macron addresses the Paris Peace Forum in Paris , France, on November 11, 2018.
    Dead in cars and homes: Northern California fire toll at 29

    Dead in cars and homes: Northern California fire toll at 29

    The Woolsey fire has destroyed more than 170 homes and killed two people, putting the total death toll from the wildfires at 31. Other celebrities have also been affected by the fires including Gerard Butler , Robin Thicke and Neil Young .
    Liverpool still heading in the right direction - Klopp

    Liverpool still heading in the right direction - Klopp

    Fulham's last win against Liverpool came in 2012 when a Martin Skrtel own-goal handed the Cottagers the three points at Anfield. We were in the Champions League final a year ago and that's the last impression, with all the spectacular games and whatever.
  • Sanchez to seek Manchester United exit in January

    Sanchez to seek Manchester United exit in January

    "That is why I will go a week to Manchester to see Mourinho train and to ask him a lot of things". Sanchez is now stuck below both Anthony Martial and Romelu Lukaku in the Red Devils pecking order.
    White House restores CNN reporter's pass but unveils new rules for journalists

    White House restores CNN reporter's pass but unveils new rules for journalists

    In the Friday ruling, the judge restored Acosta's credentials temporarily while a CNN lawsuit against the administration proceeds. Acosta has repeatedly clashed with Mr Trump and press secretary Sarah Huckabee Sanders in briefings over the past two years.
    Republican Kevin McCarthy to become next House minority leader

    Republican Kevin McCarthy to become next House minority leader

    And in the 49th District , Democrat Mike Levin is leading Republican Diane Harkey by 55% to 45% for retiring GOP Rep. Jordan called for House Republicans to fight with the same "intensity" as President Donald Trump on his priorities.
  • Charles enjoys giggles with grandson George as family photos mark 70th birthday

    Charles enjoys giggles with grandson George as family photos mark 70th birthday

    Cheryl left her glossy brunette tresses down in glamorous drawn-out curls and wasn't without her usual flawless make-up. The dress appeared to be one-shouldered with a floral appliqué detail, although the designer has yet to be identified.
    Woolsey fire forces evacuation of Malibu

    Woolsey fire forces evacuation of Malibu

    Other major fires in the state include the Hill Fire, now 6,000 acres in size, and the Woolsey Fire, which is 8,000 acres in size. Fueled by high winds and low humidity, the fire has placed millions of people under red flag warnings .
    Trump, Macron meet in Paris, discuss Europe’s security, financial burden

    Trump, Macron meet in Paris, discuss Europe’s security, financial burden

    Trump has made similar arguments, particularly in urging Nato's European members to increase its share of defence spending. The tension overshadowed the two presidents' latest meeting Saturday at the French presidential palace.
  • Once Upon a Deadpool Trailer Kidnaps Fred Savage for Christmas

    Fred , 42, cut in saying: "I'm a grown man" but Deadpool continued 'and no one does childlike innocense like you, Fred , nobody. Reynolds reminds him that the Deadpool pics are Marvel movies and Savage counters, "But you're Marvel licensed by Fox".
    What do Croatia need to win the UEFA Nations League?

    What do Croatia need to win the UEFA Nations League?

    The team conceded six goals in its last two matches after outscoring opponents 12-2 in the first matches under Luis Enrique. At Barca there are plays that are rehearsed and trained and I could see that England also had those plays very well-worked.
    Does Sinema Win Point to a Democratic Arizona?

    Does Sinema Win Point to a Democratic Arizona?

    McSally's campaign and state-level GOP officials ignored national Republicans' tactics of casting doubt on the election's results. McSally argued that she would protect patients, despite her vote on the bill that would have removed many of those protections.

Breaking News



Recommended

USA intel says prince ordered Khashoggi killing

Turkey has said the murder was carried out by a team of Saudis who travelled to Istanbul for that objective . The Arab League expressed support for the measures taken by the Kingdom.

Joe Theismann: Alex Smith's leg break 'heart-wrenching'

He was the top quarterback there for four years, starting 62 games, throwing for 68 touchdowns and 69 interceptions. Redskins head coach Jay Gruden said that familiarity was part of the team's decision to go with Sanchez.

New Details Surrounding the Death of Diddy’s Ex-GF Kim Porter

Sure . "I ask that you give the families privacy at this time", the rapper's rep Cindi Berger told Fox News on Thursday. In the call that was placed to 911 today, it was said that she was experiencing cardiac arrest.

Michelle Obama snuck out the White House to celebrate marriage equality

Kimmel didn't let up, asking if she ever encountered such a situation. I held her tight, and my feeling was, we are moving forward.

Deepika, Ranveer all set to tie knot today

The power couple of Bollywood who exchanged vows at the picturesque Villa d'Este in Italy on November 14 looks stunning together. They had announced their wedding on October 21 after dating each other for quite a while. "Love you both.

OnePlus 6T Thunder Purple Edition Lands in India for Rs 41,999

It will be available in the sole 8GB RAM/ 128GB storage configuration, and is priced at $579 (roughly Rs. 42,000) in the US. While the base model with 6 GB RAM and 128GB storage comes with the Mirror Black color only.

Amazon Has Made its Decision...Ocasio Cortez Is Not Happy

The company said the new facility would create as many as 50,000 jobs and cost at least $5 billion to build and operate. The project is expected to bring in 25,000 jobs for the New York City community, with the potential for 40,000.

LeVeon Bell Doesnt Report To Steelers Wont Play In 2018

Pittsburgh sits atop the AFC North at 6-2-1 and on track for a first-round bye despite not having its three-time Pro Bowl back. The Steelers explored dealing Bell before the October 30 trade deadline, but no deal was possible without his signature.

Sen. Collins 'very concerned' about Whitaker's appointment

He said he was speaking only for himself and he hoped Republicans might join as plaintiffs if a lawsuit goes forward. Last month, Trump said on the Fox News program Fox and Friends, "Matt Whitaker's a great guy".

Ariana Grande Offers Advice For Couples Wanting To Get Engaged: 'Don't'

In this song the young woman indulges in the open heart on her ex Pete Davidson , Big Sean , Ricky Alvarez and Mac Miller . On Thursday evening, two of the singer's close friends hired a mariachi band to surprise her with a traditional serenata.